An increasing number of people in the United States are taking dietary supplements. According to a report by the AARP, among adults aged 50 and over, 81% believe that supplements are at least somewhat important for their general health and more than 69% currently take a dietary supplement at least three times a week.
This has caused the market for dietary supplements to grow considerably. A report by Grand View Research states that the global dietary supplements market size was estimated at USD 123.28 billion in 2019 and is projected to expand at a CAGR of 8.2% during the forecast period.
Dietary supplement markets are predicted to continue their steady, moderate growth over the next five years due to several factors such as rising health concerns and the changing lifestyles and dietary habits that have been driving the product demand. But will the industry remain as we know it?
A digital future
If we are going to talk about the present and future in modern consumer habits, we have to mention digitalization as a central axis. The rising importance of digital marketing strategies in a COVID-19 world and e-commerce portals as a selling medium for nutraceutical manufacturers on account of providing access to products through key benefits including favorable discounts and a wide model of payment methods, in which shipping is increasingly faster, is expected to open new avenues over the next years.
The way people and businesses find and buy products in the supplement industry has radically changed in the past ten years – we gradually moved away from traditional, offline marketing which slowly started to be less effective over time.
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A report from McKinsey & Company affirms that online sales have experienced a dramatic increase over the last years. “The primary driver of this has been retailers’ focused efforts on improving the online shopping experience through better online education and targeted marketing. This has increased the comfort level consumers have for buying this category online.”
In today’s world, most purchasing decisions begin online. Having said that, as a B2C or B2B company, it is a mistake not to afford a solid online presence. And as more businesses surface within the supplement industry, there is an increasing need to differentiate one company from another.
Understanding consumer needs
It's one thing to know that a nutritional supplement company must have a good online presence in the midst of 2020, but it's another to know how to differentiate yourself from the competition.
What is the best way? By understanding the market and the consumer by offering them support, guarantee, and a good product. That is the formulation. If a company is paying attention to their customer's needs, it automatically has a better chance of ensuring their happiness in what they purchase. And if they're happy, they might tell others about the product.
In terms of market trends, digestive health supplements and probiotics have a CAGR projected for 2025 of 6.22%; brain and ocular health are other significant areas, inevitably tied to aging populations. These products are also increasingly targeting demographic groups, such as women’s health or fertility and pregnancy.
Undoubtedly understanding these trends creates opportunities for brand owner manufacturers, that's when pharmaceutical and nutraceutical companies should look for encapsulators to support them in developing and supplying market-leading dietary supplements.
K-CAPS HPMC empty capsules offer superior performance for dietary supplements, with exceptional quality and the characteristics to run very efficiently on all encapsulation machines, optimizing productivity.
Regardless of the type of dietary compound, companies should look for someone who can provide the capsule engineering and scientific expertise to make dietary supplement formulation a successful oral dosage form. And while many companies are in the dietary supplement market by 2020, only a few can offer experience and quality at the same time. But that's not all. Accessing dietary supplements today is relatively easy thanks to the internet, so building a solid digital marketing strategy, thought out for the user, with the market trends present, will be the best way to position as a leader in the field.